The retail price limit of refined oil products ended "five consecutive declines" After the increase, the overall increase in domestic oil prices was limited

Domestic refined oil prices ended a continuous downward trend, and oil prices rose
for the first time in the second half of this year.
The Price Office of the Guangdong Provincial Development and Reform Commission released the latest news, in accordance with the requirements of the National Development and Reform Commission, since 24:00 on September 6, the domestic price of refined oil products has been raised, and on the basis of the current price, the price of gasoline and diesel in the province has been raised by 190 yuan and 185 yuan
per ton respectively.

The price of refined oil products is lowered
according to the national refined oil price formation mechanism and combined with the recent changes in oil prices in the international market.
OPEC+ production reduction is still expected, the market expects that there is room for international oil prices to rise in the near future, but a slight reduction in production, the impact on prices is limited, and the future trend of oil prices is still full of variables
.

Since the beginning of 2022, the domestic refined oil market has experienced 17 price adjustments, of which 11 have been raised and 6 have been reduced
.
Previously, from June 28 to August 23, refined oil prices experienced five consecutive downward adjustments, the first "five consecutive declines"
in the year.

Since the beginning of this year, the supply and demand of the global oil market have been tight, and geopolitical events have occurred frequently, pushing up international oil prices
.
The market is worried about the global economic recession, peak season crude oil demand is less than expected, coupled with the strength of the US dollar and other factors, the international oil price fell from the high shock in early July, the New York Mercantile Exchange light crude oil (WTI) and London Brent crude oil (Brent) futures prices both fell below $100 / barrel
.

The latest monitoring report of commodity trading service provider Jinlian Chuang on September 13 shows that in the week from September 2 to 9, the average prices of WTI and Brent crude oil futures were 84.
79 US dollars / barrel and 91.
71 US dollars / barrel, respectively, down 6.
14% and 5.
70%
from the previous week.

The report analyzes that international oil prices accelerated their decline in
the week.
"Worries about a global economic slowdown weigh on oil prices, and investors fear that energy demand will be undermined
as rising interest rates and inflation fears loom over countries.
At the same time, the bet on another sharp Fed rate hike has also boosted the strengthening of the dollar, which has now hit a new high in nearly two decades, which has also led to increased bearish pressure on oil prices
.
The report said
.

"During the week, international crude oil rose first and then fell, and retail prices rose as scheduled, but the new round of change rate developed in a negative direction and broad, and the news turned from positive to bearish
.
" Jin Lianchuang monitoring disclosed that in the week of September 2 and 9, the domestic diesel and gasoline prices continued to rise, but the purchase and sale atmosphere gradually weakened
.
Recently, the operating rate of local refineries has rebounded moderately, and the pace of shipments has slowed down, which has suppressed
the price of local refining.
The supply of resources in some areas of the main refined oil products is tightening, and there is no sales pressure at the beginning of the month, and the intention to raise prices is high
.
With the implementation of the price adjustment policy, diesel prices have increased significantly, while gasoline demand has performed poorly
.

On September 13, according to the commodity information platform Shanghai Steel Federation released the price weekly report (September 5 to 9), the retail price limit of refined oil products was raised in the week, and the follow-up was affected by the weakening of the support of crude oil costs, the market wait-and-see mentality gradually rose, and the price tended to be rationally adjusted, especially the gasoline decline was relatively significant, and the domestic refined oil market continued to rise, but the overall increase was limited
.

Longzhong wholesale price of refined oil products in the second week of September (Source: Price Monitoring Center of National Development and Reform Commission)

Shanghai Steel Union expects that the price of auto and diesel will show a downward trend
next week.
"After entering the middle of the month, the sales pressure has increased slightly, and the possibility
of some secret goods shipments is not ruled out.
" However, the recent main business continued to be exported, and the cost is high, or to some extent to inhibit its overall decline
.
The weekly report said
.

China is the world's largest importer of crude oil and the second largest consumer of crude oil, and oil price fluctuations are related to the burden of downstream enterprises and consumers, and are closely related
to the operating costs of the real economy.

Recently, the National Bureau of Statistics released the national CPI (Consumer Price Index) data for August, and from a year-on-year perspective, the CPI rose by 2.
5%.

The prices of industrial consumer goods rose by 3.
0%, of which gasoline, diesel and liquefied petroleum gas prices rose by 20.
2%, 21.
9% and 19.
8% respectively, and the increase has declined
.

In August, the national PPI (industrial producer price index) was affected by multiple factors, including the fluctuation of international crude oil, non-ferrous metals and other bulk commodity prices, as well as the weak market demand in some domestic industries, etc.
The overall downward trend of industrial product prices, the PPI decline slightly narrowed, and the year-on-year increase continued to fall
.

However, compared with the beginning of the year, oil prices as a whole are still high
.
On January 17, the tonnage price of No.
95 gasoline in Guangdong Province was 10399 yuan / ton, and the latest ton price was 11799 yuan / ton, up 13.
46%; The No.
0 diesel ton price was 8255 yuan / ton, and the latest ton price was 9460 yuan / ton, up 14.
6%.

The proportion of China's petroleum production exceeds 70%, and according to the current refined oil price mechanism, the domestic refined oil price is adjusted every 10 working days according to the changes in the price of crude oil in the
international market.

According to the "Measures for the Administration of Oil Prices", when the international crude oil price hits the "ceiling", that is, after exceeding the upper limit of $130 per barrel, the prices of gasoline and diesel are not mentioned or understated in principle; When the international crude oil price touches the "floor price", that is, below the lower limit of the regulation of $40, the price of refined oil is calculated according to the price of crude oil at $40 per barrel and the normal processing profit margin
.

There are many uncertainties affecting oil prices, and oil prices are still fluctuating
in the range in the short term.
The next round of price adjustment window will open
at 24:00 on September 21.

On September 12, the price of crude oil futures in the international market rose
.
Monitoring data from the Price Monitoring Center of the National Development and Reform Commission shows that WTI crude oil futures and spot prices in the US market are 87.
78 US dollars and 88.
18 US dollars per barrel, respectively, up 0.
99 US dollars and 0.
91 US dollars respectively from the previous trading day; Brent crude oil futures and spot prices in the UK market were $94.
00 and $98.
38 per barrel, up $1.
16 and $3.
40 respectively from the previous trading day
.